20 pips a day keeps stress away

[bedsit]

Thanks lb,
that was the only trade I've done today. I didn't trade before because of UK budget.
IMO good to take whatever market offers (not much today, but better than a loss)

Sorry to hear about your loss - one of those things. You never know what's going to happen in trading. IMO good not to let losses go wild. I tend to stop trades if they don't go in my favour as soon as possible

Good luck with 7pm trade

 

[lbranjord]

Thanks lb,
that was the only trade I've done today. I didn't trade before because of UK budget.
IMO good to take whatever market offers (not much today, but better than a loss)

Sorry to hear about your loss - one of those things. You never know what's going to happen in trading. IMO good not to let losses go wild. I tend to stop trades if they don't go in my favour as soon as possible

Good luck with 7pm trade

I love my dog and wife too much to go home and kick them over 20 pips. It usually takes 25 to warrant that kind of action :-0

 

[bedsit]

I love my dog and wife too much to go home and kick them over 20 pips. It usually takes 25 to warrant that kind of action :-0

I guess the wife can't wait for you to become a successful trader, unless she is a masochist.
Psychology - very important.

PS At least you should keep your stops bellow 25 to avoid any further cruelties

 

[bedsit]

The system is going wild - 8 out of 8

 

[bedsit]

It failed today after 8 winners in a row - no system is perfect.
Funny thing - I wanted to use it today as well and put a short order at 14824 (14825.5 mid price if I add 1.5 spread). Mid price came to 14825.7 - 0.2 pip form my order. So I never got in - guess I was lucky not to get in (it reversed straight away)

 

[bedsit]

Today UK summer time kicked in, so I think range should be from 12:00 till 14:15 again.

Wishing you many happy pips.

 

[lbranjord]

<== Very happy to have weathered the NY opening today with my EUR/USD stops at the perfect place Now let's see if my targets are reasonable.

 

[bedsit]

Today UK summer time kicked in, so I think range should be from 12:00 till 14:15 again.

Wishing you many happy pips.

Wishful thinking.

PS For today at least

 

[Beakytrader]

This system

Basically, this system is the 7-9 Big Dog USD Breakout Strategy, posted on Forex Factory back in 2008, Isn't it ??

 

[bedsit]

Re: This system

Basically, this system is the 7-9 Big Dog USD Breakout Strategy, posted on Forex Factory back in 2008, Isn't it ??

It's not the same. It uses the same time period (12:00-14:15) for the range and that's where similarities end. If I'm not mistaken they call it Mad Dog. I was thinking to read through it - it's more complicated and has quite a few conditions (where to put a stop, first target, second target etc.)

Would be nice to know if there are any happy Mad Dog's users and if they could give some suggestions how to improve '20 pips a day keeps stress away'

PS I had a look at a Big Dog USD Breakout Strategy. They use it for any USD major pair with ideal targets 30-50 pips or more. Trailing stop of 15 pips. If the range is less than 50-60 pips could be very profitable. If the range is more than 50-60 pips could be not very profitable according to them. Presumably they talk about all the USD major pairs, which I think is not very accurate as different pairs have different average daily ranges.

I tested '20 pips a day keeps stress away' only with cable, and would only trade EU as additional pair. I don't think you can use same number of pips for different pairs. From my back testing I should think that 20/20 is the best for cable. I think it's better to look for another system (I think it's called Mad Dog but couldn't find it)

 

[lbranjord]

Hi Bedsit,
by using the trend you are not adding any more analysis.
I do and have been trading breakouts for years now, on a slightly larger scale
but I only go for breakout in trend direction.
I traded the break of yesterdays low and am still in the trade.

Trading against the trend has a nasty habit of suddenly turning around and biting you.

Good advice, I only go w/trend direction on my breakouts too. You miss some good ones, but miss more bad ones it seems

 

[bedsit]

This week system was OK - 3 out of 4 (NY was closed on Monday). Also I didn't do any trading yesterday, so for me was 3 out of 3.

Recently I've been paying more attention to money management (it took me some time - nobody's perfect)
Although the system is not bad, I'm not entirely happy with risk/reward. I should think that in a some way the system would be better if the stop can be reduced to some minimum amount at an expense of some early stopped trades. All this would need some extra research and I don't have long time 1 minute time frame charts to do so. The idea behind it is: if it's a genuine break, price shouldn't go against the trader that much. So if the stop is reduced to some really minimum size, that would be more beneficial in a longer run (to the account). Maybe something like a 10/20 system (this is just a guess and proper way would be to use some nice back testing software trying different scenarios)

Any suggestions are welcome.

 

[bedsit]

Today I didn't trade that break.

PS The system hasn't failed as yet (now is 18:30). IMO not good to go for it if it breaks after 17:00

 

[bedsit]

I was checking the charts (regarding the system's performance - I haven't used it for some time)
It's really disappointing - if I'm not mistaken it failed for the last 5 days. I can't remember when was the last time that happened (5 losing days in a row).
I was thinking to start using it again, but changed my mind after this research.

One of those things - no system works all the time.

 

[gedward3]

I was checking the charts (regarding the system's performance - I haven't used it for some time)
It's really disappointing - if I'm not mistaken it failed for the last 5 days. I can't remember when was the last time that happened (5 losing days in a row).
I was thinking to start using it again, but changed my mind after this research.

One of those things - no system works all the time.

Bedsit,

Trying to get a break all the time doesnt work mate. I tried this a long time
ago but still use it as its good when it works. Try and stick the BBSqueeze on the
charts to help when it breaks out for direction. I use BO's most of the time but het stopped quite
a lot but then get a good run which keeps me in the game. If it helps im marking
the 4 hour s/r lines and trying to use the BO above or below the last 4 hr line.

Have you tried going long above daily open and short below only as these rules
have worked for me for a while now. You can get an MT4 Indi to help you.

What system are you using or are you stilll developing one.

Ged

 

[wilczek]

Bedsit,

Trying to get a break all the time doesnt work mate. I tried this a long time
ago but still use it as its good when it works. Try and stick the BBSqueeze on the
charts to help when it breaks out for direction. I use BO's most of the time but het stopped quite
a lot but then get a good run which keeps me in the game. If it helps im marking
the 4 hour s/r lines and trying to use the BO above or below the last 4 hr line.

Have you tried going long above daily open and short below only as these rules
have worked for me for a while now. You can get an MT4 Indi to help you.

What system are you using or are you stilll developing one.

Ged

Unbelievable - And I am only posting this for the benefit of "newbies" - "I tried this a long time ago but still use it as its good when it works".

Beware ! My question, if you use it - post all results for the last x months and continue to do so - then you have credibility ! If you do not then you do not.

As I mentioned before I trade the London Forex Open system and have more or less emulated the results they post on their website - credibility - they post all their results!

I can post mine too if requested - but please - sorry about the rant but you should never say things like what you have said.

My big huge humble apologies in advance if you post your results for the last 6 months to prove you use this system because "its good when it works" but I felt I needed to say this.


W

 

[gedward3]

Unbelievable - And I am only posting this for the benefit of "newbies" - "I tried this a long time ago but still use it as its good when it works".

Beware ! My question, if you use it - post all results for the last x months and continue to do so - then you have credibility ! If you do not then you do not.

As I mentioned before I trade the London Forex Open system and have more or less emulated the results they post on their website - credibility - they post all their results!

I can post mine too if requested - but please - sorry about the rant but you should never say things like what you have said.

My big huge humble apologies in advance if you post your results for the last 6 months to prove you use this system because "its good when it works" but I felt I needed to say this.


W

Wilczek,

The post was for Bedsit but you rant away.

 

[bedsit]

What system are you using or are you stilll developing one.

Hi Ged,

I've been day trading Cable for some time. My trades are based on support, resistance, trend lines, Fibonacci levels, pivot points and I use moving averages and compare recent lows and highs to see if there is any trend. Also I know about few patterns and candle formations. Most of the time I use 15min and 1h charts.

All this analysis is interesting and profitable, but at the same time if I overdo it - it's stressful and tiring. That's why I looked at the system (to use it takes 10 minutes without any extensive analysis) and its recent success rate. It doesn't look promising.

At the moment I don't use any other system. I used Claudia's system last year. That was easy money, but after some time failed and that was it.

Still not giving up the search for a stress free profitable system.

PS It's good to be aware of fundamentals. Cable may continue sideways till the elections. May look at some other pairs - like Euro (it seems like there is no end to Euro's fall). Also I've been thinking of larger time frames - 1h, 4h and higher.

 

[wilczek]

No worries and apologies if i offended - it was not the intention I assure u - made my point .....

Look forward to your journal !!!!!!!!

ps - Ged, as a note - I trade sniper as well as london open - both cable based

 

[bedsit]

No worries and apologies if i offended - it was not the intention I assure u - made my point .....

Look forward to your journal !!!!!!!!

ps - Ged, as a note - I trade sniper as well as london open - both cable based

No offence taken.
IMO Good to try different systems. Any good ideas are welcome.